Where do they come from??????
this ETN started in 2012 with assets $800,000000 At $50/share. the volume was less than 5000 shares per day .there was 10:1 reverse split that should reduce the #of shares.
you can check the price history on Yahoo you will see what I mean.
do they rebalance the fund and issue more shares?????
Started Feb.07,2012 with net assets of $832M, the shares were issued at $50 which comes to
832m/$50=16.65m shares at that time.
oil is down (110-28)=82$ that is 82/110=75% so the fund lost75%x3=225%
To keep the $ value of the fund at $832m, they did a reverse split, sold more shares to cover
for Adm. cost and decline in oil price.